.650 percent interest....why bother?

[unclej]

i just stopped by the bank and while waiting on my transaction read a menu board on the wall showing interest rates currently being paid on cd's, checking and savings account.

a passbook savings account is currently paying .650 percent interest. less than 1 percent. why would you even bother putting your money in there. i can make almost as much keeping it in a coffee can and waiting for monetary inflation take effect.

can any of you guys that seem to pay attention to the important things while i just goof off tell me what combination of influences has caused this to happen?

 

[Tantanah]

Hi unclej.

 

[unclej]

hi yourself cutie.....got any financial advice to share with me?

 

[uncledenny]

Some bastards are making a fortune out of us

 

[Tantanah]

hi yourself cutie.....got any financial advice to share with me?

Not really, my two cents don't draw too much interest. We teachers are poor.

 

[unclej]

maybe so miss T but rich in so many other ways.

 

[Tantanah]

maybe so miss T but rich in so many other ways.

Absolutely....

Two more days to summer vacation unclej!!! You never know I might just come to Texas and cut the rug with you.

 

[beggseee]

Two uncles in one thread !

Where are the nephews ?

 

[unclej]

nephews aren't worth much..now, i do have a lot of "neices" don't cha know.....


hey, what about my question...is anybody saving money in passbook savings accounts these days and if not, how are they saving. and i know many do and i know that many don't trust the stock market so how are we saving in the 21st century?

come on down miss T. ,

two step, three step, cottoneyed joe.
long necks, red necks talkin' real slow.
dance halls and last calls. come on girl let's go.

 

[phrodeau]

I have a passbook savings account, and substantial savings invested in Certificates of Deposit.

The rates suck right now, but I think it's still safer than the coffee can. My bank offers lots of services for free so long as I keep a decent balance there.

My IRA is in mutual funds.

 

[Viper Vic]

i just stopped by the bank and while waiting on my transaction read a menu board on the wall showing interest rates currently being paid on cd's, checking and savings account.

a passbook savings account is currently paying .650 percent interest. less than 1 percent. why would you even bother putting your money in there. i can make almost as much keeping it in a coffee can and waiting for monetary inflation take effect.

can any of you guys that seem to pay attention to the important things while i just goof off tell me what combination of influences has caused this to happen?

I wish my stocks were doing that well. My 401k is down about 71 to 85 %.